IPO activity in Singapore still anemic in Q1

Southeast Asia only saw 38 new listings in Q1.

Singapore’s IPO market is off to a slow start to 2024 with only one public listing on the local bourse in the first quarter, mirroring the overall lukewarm activity recorded across Southeast Asia.

According to data from consulting firm EY, the Lion City joined the Philippines and Sri Lanka, as the only countries in Southeast Asia that only had one company go public in their respective bourses last quarter.

Singapore Institute of Advanced Medicine Holdings, which focuses on diagnostics and treatments including cancer, raised $26.2m via its IPO launch on the Singapore Exchange in February.

Last quarter was a repeat of another tepid Q1 IPO activity in the city-state when only one firm was listed on the SGX in the first three months of 2023.

Meanwhile, Indonesia outperformed its neighbours after seeing 20 IPOs in the first quarter that raised a combined $224m. Malaysia followed closely behind with nine firms that went public and raised $279m in total, followed by Thailand’s six new listings worth $273m.

Overall, 38 IPOs raised $1b across Southeast Asia in the first quarter, lower than the 51 deals raising $1.4b seen in the same period last year.

A high-interest rate environment and stubborn inflation have been hampering the confidence of both investors and issuers in the region, causing the IPO market to stay subdued, said Chan Yew Kiang, EY Asean and Singapore IPO Leader.

“This challenging economic environment has prompted companies in the region to recalibrate their strategies, placing a heightened emphasis on achieving profitability,” Chan said. “As inflationary pressures begin to subside, the anticipated reduction in interest rates is likely to create a more favorable climate for IPOs.”

Higher activity in the global IPO scene could also help lift sentiment in Southeast Asia and potentially encourage companies to re-evaluate and proceed with their IPO plans

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